SPY Fund Description

The SPDR S&P 500 ETF tracks a market-cap-weighted index of US large- and midcap stocks selected by the S&P Committee.

SPY ETF.com Insight

SPY is the best-recognized, oldest and largest ETF—and the most liquid security in the world. The fund tracks the most popular US index, the S&P 500. Few realize that S&P'sSPY is the best-recognized, oldest and largest ETF index committee picks and chooses 500 securities to represent the US large-cap space—not necessarily the 500 largest in order of market cap. The outcome: SPY doesn't hold LinkedIn or Tesla Motors, but does hold midcaps for 8% of the portfolio. The fund has one of the lowest expense ratios in the segment, but costs more to hold than its main competitors, IVV and VOO. SPY's monster volumes make it the perfect vehicle for gaining quick exposure to the US large-cap space. (Insight updated 07/14/2014)

  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
Performance [as of 10/16/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
SPY -6.65% -5.46% 2.26% 10.36% 17.40% 13.64% 7.47%
SPY (NAV) -6.67% -5.53% 2.31% 10.30% 17.39% 13.63% 7.47%
S&P 500 -6.68% -5.52% 2.41% 10.44% 17.55% 13.76% 7.56%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

SPY Top 10 Countries

SPY Top 10 Sectors

SPY Top 10 Holdings View All

SPY Summary Data

SSgA

A company that produces and manages ETFs.

01/22/93

The first date of a fund's operations, as documented by the issuer.

Unit Investment Trust

The organizational structure of the fund or ETN.

0.09%

The net total annual fee a fund holder pays to the issuer.

$169.02 B

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$23.94 B

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.01%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

SPY Portfolio Data

$127.34 B

Describes the average of each stock's market cap (share price x shares outstanding) scaled by its weight in the portfolio.

18.64

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

2.67

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

1.98%

The ratio of distributions paid by the fund over the past 12 months, divided by the fund’s NAV.

12/19/14

The date on which a security's price excludes an upcoming dividend.

503

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

SPY Index Data

S&P 500

This is the benchmark an ETF is desigend to track or replicate.

Market Cap

A set of rules that the underlying index provider follows to weight its constituent securities.

Committee

A set of rules that the underlying index provider follows to select its constituent securities.

MSCI USA Large Cap

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to SPY

VOO, IVV, MGC, IWL, VV

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

SPY ETF.com Efficiency Insight

SPY is the largest ETF on the market by AUM. As a UIT, SPY may not optimize its portfolio, lend securities or reinvest its dividends. Therefore, it holds all 500 index securities, earns no securities-lending income and experiences some upside dividend drag. This most likely explains why it lags the S&P 500 by a median 16 bps, despite charging 9 bps. (Insight updated 07/14/2014)

Total Return - 10/16/2014
  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
Performance [as of 10/16/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
SPY -6.65% -5.46% 2.26% 10.36% 17.40% 13.64% 7.47%
SPY (NAV) -6.67% -5.53% 2.31% 10.30% 17.39% 13.63% 7.47%
S&P 500 -6.68% -5.52% 2.41% 10.44% 17.55% 13.76% 7.56%
MSCI USA Large Cap -6.68% -5.52% 2.01% 10.05% 16.70% 12.76% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

SPY Portfolio Management

0.09%

The net annual fee a fund holder pays to the issuer.

-0.17%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

-0.13%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

-0.21%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

SPY Tax Exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

0.00%

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

Qualified dividends

IRS treatment of the majority of the fund's distributions.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

SPY Fund Structure

Unit Investment Trust

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

N/A

An indicator of whether or not a fund actively lends its portfolio holdings.

100% / 0%

The division of securities lending revenue between the fund and the issuer.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

SPY ETF.com Tradability Insight

SPY is the most liquid ETF in the world. Over 70M shares change hands on most days, equivalent to over $14B. SPY trades at 1 cent spreads all day long. It boasts the most active options market for any ETF. The fund is easy for market makers to hedge, so large trades sail through. Investors of all stripes should have no trouble trading SPY at fair value. (Insight updated 07/14/2014)



Average Spread
Premium/Discount
Volume

SPY ETF.com/ Block LiquidityAs of 10/17/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of SPY. SPY is rated a 5 out of 5.

SPY Tradability

122,702,486

It is the daily number of shares traded, averaged over the past 45 trading days.

$23.94 B

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

104,778,335

Median number of shares traded over the past 45 trading days.

$20.6 B

Median dollar value of shares traded over the past 45 trading days.

0.01%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

$0.01

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

-0.00%

The middle value in the ranked set of all premium/discount values over a maximum 12-month period.

0.14% / -0.10%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

50,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

2,095.57

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.03%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

0.01%

This metric serves as a way of understanding the impact of executing 1 creation unit worth of an ETF in terms of the volume of its underlying components.

24,253,371

The total number of net outstanding options contracts for an ETF.

$186.21

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

SPY ETF.com Fit Insight

SPY delivers solid coverage of US large-cap stocks. Despite extending into the midcaps, the fund has only minor sector deviations from our benchmark. The midcap exposure adds slightly to its market risk (beta of 1.01) and introduces a mild small-growth tilt to the portfolio. Overall, it's a very good, if slightly skewed, representation of the US large-cap space. (Insight updated 07/14/2014)

SPY Sector/Industry BreakdownView All

SPY Segment Benchmark
18.49% 17.77%

16.26% 16.53%

12.17% 12.75%

12.25% 12.71%

12.96% 12.54%

10.18% 9.89%

10.21% 9.60%

2.59% 3.12%

1.93% 2.49%

SPY Geographic Exposure

SPY Segment Benchmark
99.94% 99.82%

-- 0.12%

0.06% 0.05%

SPY Segment Benchmark
99.94% 99.82%

-- 0.12%

0.06% 0.05%

100.00% / 0% 100.00% / 0%

SPY Performance Statistics

1.00

The degree to which the fund and its segment benchmark move up and down in unison.

1.01

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

1.00

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

1.02

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.03%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

MSCI USA Large Cap

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

SPY Benchmark Comparison

SPY
503 Holdings
Segment Benchmark
285 Constituents
Shared Holdings
264 (Count)
 
85.68% (Weight)
SPYSegment Benchmark
$142.35 B$127.34 B

The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio.

The breakdown of the portfolio’s holdings into each market capitalization bucket based on each firm’s weighting in the portfolio.

99%91%
1%9%
0%0%
0%0%
18.7218.64

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

2.722.67

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

1.97%1.92%

The weighted average of the current yield on the portfolio’s holdings.

285503

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

LowLow

The level of return contribution attributable to the average portfolio constituent.